Former King & Wood Mallesons (KWM) partners who took out personal loans from Barclays for their capital contributions have received payment ultimatums as the bank is demanding repayment by the end of April.
Lawyers often take out loans for working capital at law firms when they are elevated to partners. As at 30 April 2016 KWM comprised of 163 partners, and according to one former partner, at least 50 of these owed six-figure sums to Barclays, which is also the largest creditor of the now defunct European arm.
